Investment securities and impairment of investment securities (Tables)

3 Months Ended

Mar. 31, 2015

Investment securities and impairment of investment securities

Schedule of the portfolio of investment securities available-for-sale

The following table shows the portfolio of investment securities available-for-sale at March 31, 2015 (in thousands):

			Gross	Gross
			unrealized	unrealized
	Amortized		holding	holding		Fair
	cost		gains	losses		value
Debt issued by the U.S. government and agencies:
Due in one year or less	$	23	—	—		23
Debt issued by government sponsored enterprises:
Due in one year - five years	339,140		706	(693	)	339,153
Due in five years - ten years	25,128		—	(29	)	25,099
Equity securities	2,314		651	(41	)	2,924
Municipal securities:
Due in one year or less	1,159		10	—		1,169
Due in one year - five years	7,755		159	—		7,914
Due in five years - ten years	5,564		104	—		5,668
Due after ten years	50,236		2,292	—		52,528
Corporate debt issues:
Due after ten years	18,080		2,646	(444	)	20,282
Residential mortgage-backed securities:
Fixed rate pass-through	69,549		3,423	(130	)	72,842
Variable rate pass-through	62,918		3,180	(8	)	66,090
Fixed rate non-agency CMOs	2,978		335	—		3,313
Fixed rate agency CMOs	214,343		709	(3,070	)	211,982
Variable rate agency CMOs	106,841		622	(27	)	107,436
Total residential mortgage-backed securities	456,629		8,269	(3,235	)	461,663
Total marketable securities available-for-sale	$	906,028	14,837	(4,442	)	916,423

The following table shows the portfolio of investment securities available-for-sale at December 31, 2014 (in thousands):

			Gross	Gross
			unrealized	unrealized
	Amortized		holding	holding		Fair
	cost		gains	losses		value
Debt issued by the U.S. government and agencies:
Due in one year or less	$	25	—	—		25
Debt issued by government sponsored enterprises:
Due in one year - five years	310,172		287	(2,672	)	307,787
Due in five years - ten years	25,746		—	(28	)	25,718
Equity securities	2,591		682	(116	)	3,157
Municipal securities:
Due in one year or less	810		15	—		825
Due in one year - five years	7,878		132	—		8,010
Due in five years - ten years	6,965		115	—		7,080
Due after ten years	51,839		2,391	—		54,230
Corporate debt issues:
Due after ten years	18,267		2,579	(419	)	20,427
Residential mortgage-backed securities:
Fixed rate pass-through	72,852		3,149	(124	)	75,877
Variable rate pass-through	66,140		3,466	(8	)	69,598
Fixed rate non-agency CMOs	3,162		246	—		3,408
Fixed rate agency CMOs	226,413		685	(5,331	)	221,767
Variable rate agency CMOs	113,842		657	(37	)	114,462
Total residential mortgage-backed securities	482,409		8,203	(5,500	)	485,112
Total marketable securities available-for-sale	$	906,702	14,404	(8,735	)	912,371

Schedule of the portfolio of investment securities held-to-maturity

The following table shows the portfolio of investment securities held-to-maturity at March 31, 2015 (in thousands):

			Gross	Gross
			unrealized	unrealized
	Amortized		holding	holding	Fair
	cost		gains	losses	value
Municipal securities:
Due in five years - ten years	$	7,425	74	—	7,499
Due after ten years	49,131		998	—	50,129
Residential mortgage-backed securities:
Fixed rate pass-through	7,897		510	—	8,407
Variable rate pass-through	4,091		86	—	4,177
Fixed rate agency CMOs	21,239		481	—	21,720
Variable rate agency CMOs	1,042		15	—	1,057
Total residential mortgage-backed securities	34,269		1,092	—	35,361
Total marketable securities held-to-maturity	$	90,825	2,164	—	92,989

The following table shows the portfolio of investment securities held-to-maturity at December 31, 2014 (in thousands):

			Gross	Gross
			unrealized	unrealized
	Amortized		holding	holding	Fair
	cost		gains	losses	value
Municipal securities:
Due in five years - ten years	$	10,207	141	—	10,348
Due after ten years	56,545		1,314	—	57,859
Residential mortgage-backed securities:
Fixed rate pass-through	8,236		477	—	8,713
Variable rate pass-through	4,273		122	—	4,395
Fixed rate agency CMOs	23,382		531	—	23,913
Variable rate agency CMOs	1,052		12	—	1,064
Total residential mortgage-backed securities	36,943		1,142	—	38,085
Total marketable securities held-to-maturity	$	103,695	2,597	—	106,292

Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position

The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2015 (in thousands):

	Less than 12 months				12 months or more			Total
			Unrealized			Unrealized			Unrealized
	Fair value		loss		Fair value	loss		Fair value	loss
U.S. government and agencies	$	75,986	(84	)	125,116	(638	)	201,102	(722	)
Municipal securities	782		—		—	—		782	—
Corporate issues	—		—		1,979	(444	)	1,979	(444	)
Equity securities	577		(41)		—	—		577	(41	)
Residential mortgage-backed securities - agency	19,664		(104	)	164,546	(3,131	)	184,210	(3,235	)
Total temporarily impaired securities	$	97,009	(299	)	291,641	(4,213	)	388,650	(4,442	)

The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2014 (in thousands):

	Less than 12 months				12 months or more			Total
			Unrealized			Unrealized			Unrealized
	Fair value		loss		Fair value	loss		Fair value	loss
U.S. government and agencies	$	28,878	(67	)	244,828	(2,633	)	273,706	(2,700	)
Corporate debt issues	—		—		2,003	(419	)	2,003	(419	)
Equity securities	506		(116	)	—	—		506	(116	)
Residential mortgage- backed securities - agency	20,832		(79	)	195,505	(5,421	)	216,337	(5,500	)
Total temporarily impaired securities	$	50,216	(262	)	442,336	(8,473	)	492,552	(8,735	)

Schedule of the cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold

The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended (in thousands):

	2015			2014
Beginning balance at January 1, (1)	$	8,894		10,342
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized	—			—
Reduction for losses realized during the quarter	(29		)	(8	)
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized	—			—
Ending balance at March 31,	$	8,865		10,334

(1) — The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.